FTX has fallen into the abyss, and Coin An is standing on the edge of the cliff.Despite CEO Zhao Changpeng's strong claim that the company's financial situation is stable, investors still withdraw funds like frightened birds
FTX has fallen into the abyss, and Coin An is standing on the edge of the cliff.
Despite CEO Zhao Changpeng's strong claim that the company's financial situation is stable, investors still withdraw funds like frightened birds.
According to Defillama, a crypto data company, Coin An customers made a net withdrawal of $360 million last Friday. On December 13th last year, another encrypted data company, Nansen, revealed that Coin An had lost $3 billion in assets the previous week, accounting for 4% of the company's total assets at that time.
According to media surveys, in less than two months, nearly a quarter of Coin An's assets have been lost, with a scale of up to $12 billion.
BNB and BUSD's market value have evaporated significantly
Coin An has lost the trust of investors, and the collapse of its original token BNB and stable coin BUSD is the best evidence.
According to CoinMarketCap data, BNB's market value has decreased by nearly 23% from its peak in early November last year to $43.97 billion,Since its peak in January, it has accumulated a decrease of nearly 50%.
The market value of BUSD stable currency has dropped from $23.5 billion two months ago to $16.35 billion currently,The decrease is as high as 30%.
In addition, Coin An is also losing trust and influence in a more subtle way. According to comprehensive data, the net assets of Coin An have decreased by 24% since November last year, and investors in well-known tokens such as Matic, APE, and Gala have reduced their assets by 40-50% on the exchange.
Although Coin On remains the world's largest cryptocurrency exchange by trading volume, the decline in its assets is not without its impact. Due to market turmoil, Coin An has cancelled the transaction fee for Bitcoin spot trading. According to media estimates,This will result in an annual loss of approximately $3 billion in revenue.
How many coins does Coin An still have in his hand?
As for the actual number of cryptocurrencies currently held by Coin An, there are significant differences from the outside world.
Taking BNB as an example, according to CoinMarketCap data, as of January 4th, CoinAn held 57 million BNBs, which is higher than the data provided in CoinAn's November statement, as well as the 22 million held by blockchain data analysis platform Nansen, 40 million held by Defillama, and 16 million held by Etherscan, an Ethereum startup.
The media has calculated based on data provided by several companies,Coin An still has about 29 million BNBs left, which is 51% less than the figure disclosed by Coin An on November 10th.
In addition, there is a huge gap in the estimated number of cryptocurrencies currently held by different data companies, such as Bitcoin, BUSD, and Ethereum.According to comprehensive media estimates, the number of Bitcoin, BUSD, and Ethereum held by the company has decreased by 6%, 39%, and 7%, respectively, to 449 million, 1.335 billion, and 4.49 million, compared to the number announced by Coin On on November 10th.
The danger signal released by Coin Anshi is more prominent than the FTX before the downfall.
Firstly, as the world's largest and most credible cryptocurrency exchange, Coin On may not be able to submit audited income, profit, and cash statements, and may even be unable to produce a functioning balance sheet.
Coin An was the first external investor of FTX, and when it withdrew from FTX's equity last year, Coin An received approximately $2.1 billion. The collapse of FTX means that Coin An may receive the funds back. In addition, there have been recent rumors in the market that the US government is considering filing a lawsuit against Coin An, believing that Coin An may be involved in crimes such as money laundering. This rumor has sparked market panic and is one of the reasons why investors are making wild withdrawals.
More and more investors are worried that Coin An may follow the footsteps of FTX.
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